Welcome to the Verisure Group Fourth Quarter Results 2025 presentation. Today, I am joined by CEO Austin Lally and CFO Colin Smith. For the first part of the conference call, all participants will be in listen-only mode. If you wish to participate in the questions and answer session after the prepared remarks, then please dial into the telephone conference and press pound key five on your telephone keypad to enter the queue. Please note that you will not be able to ask questions if you have joined on the audiocast link. Now, I will hand the conference over to the speakers. Please go ahead. Thank you, operator. Good morning, and welcome to our fourth quarter and full year earnings call. Before we get started, just a reminder that you can find today's presentation, earnings release, and financial report on our investor relations website, together with updated long-term trending schedules, setting out our operating and financial performance. Today, Austin will begin with opening remarks and operational highlights. I'll walk through financial performance in more detail before handing back to Austin to cover strategy, priorities, and outlook. With that, Austin, over to you. Well, good morning, everyone, and thank you for joining us on our first full year results presentation since our IPO last October. We've been looking forward to sharing this update with you today. Colin and I look forward to answering all your questions on the call this morning, and to speaking with many of you personally in the next few weeks. We closed 2025, delivering a very strong fourth quarter, and that concluded another year of excellent operating and financial performance, continued margin expansion, and also a year of several important milestones, including, of course, our IPO and crossing the 6 million customer mark, and a rare piece of M&A in Mexico. We see the opportunity ahead of us as highly attractive. A long growth runway, together with predictable, high-quality subscription revenues, compounding value over time. Let's turn to slide two, where we present the key highlights from the quarter and the full year. Now, Verisure delivered a strong close to the year. In Q4, we delivered strong top-line growth, improving profitability, and an important step forward on cash generation. Starting with new customers, we installed 224,000 new customers, and that was our best-ever quarter, and it represented 5.9% year-on-year growth. This reflects healthy underlying demand across our footprint, strong commercial execution, and improving sales productivity. Annualized recurring revenue was over EUR 3.4 billion, and that's up 12.7% year-over-year at constant currency. Now, that growth rate includes around 2 percentage points from our Mexico acquisition. Now, this exceeded our outlook, and it underscores our highly stable, predictable financial profile. Q4 also marked an important step in the group's cash generation journey. We delivered positive free cash flow of EUR 80 million, excluding net IPO proceeds, associated refinancing, and the Mexico acquisition. This keeps us well on track towards becoming free cash flow positive on a full year basis in 2026. In the full year 2025, total revenue was over EUR 3.7 billion, up 10.3% year-over-year. Adjusted EBIT was EUR 953 million, up 15.5% year-over-year, with margins expanding to 25.4%. This increase in profitability was driven by strong revenue growth alongside disciplined cost management. From a balance sheet perspective, we closed 2025 with net leverage of 2.9x. This strengthens our financial flexibility as we enter our next phase of growth and sets us up very well. So we're pleased with our 2025 results. We're also in good shape looking forward. For 2026, today, we are guiding to ARR growth around 10% and adjusted EBIT margins above 26%. We're projecting being free cash flow positive in 2026, and we expect to pay our first interim dividend in the second half of the year, and Colin will talk more about that later. In the fourth quarter, we're actually reporting a strong set of results across the board. We now have the privilege of supporting around 6.2 million families and small businesses. Now, while passing 6 million customers in 2025 was a special achievement, we still see it as a waypoint rather than any destination, given the scale of the addressable market opportunity and the very, very long growth runway ahead of us. New installations were up 5.9% year-over-year in Q4, as I mentioned. We reached 224,000 installations. We're basically capturing significant demand that we are generating from the investments that we make in category-creating marketing, and we're turning that into sales with a strong expansion of our sales force. Turning to the financials, Q4 group revenue increased 10.7% year-over-year to EUR 965 million, while ARR reached over EUR 3.4 billion, up 12.7% year-over-year. The recurring revenues generated by our portfolio are obviously a defining strength in our model. Finally, profitability continued to scale in the fourth quarter. Adjusted EBIT was EUR 236 million, representing year-over-year growth of 19.3%, and Q4 margins expanded to 24.5%, up almost 200 basis points year-over-year. So overall, in Q4, we made progress on volume growth and margin expansion. It was a quarter of very strong execution, and I want to take the opportunity personally to thank our teams across their company for their excellent work to close 2025 so well. I'm very proud of them. Turning to slide four, we increased our customer portfolio by approximately 560,000 customers over the past 12 months. Well, this is the highest year of portfolio growth on record, and the consistency of the execution is visible when you look at the quarter-on-quarter progression, with significant growth in each quarter of the year. Now, the consistency of portfolio expansion, it traces to disciplined new customer intake, high customer satisfaction, and stable attrition. You see on the right of the slide, we set out our record of industry-leading attrition. In Q4, annualized attrition was 7.4%, and that's in line with the last 12 months average, and it remains well within our long-term attrition corridor. So with that, I'll now hand you over to Colin to walk you through the financials in more detail. Thanks, Austin. Let's start by turning to slide six, and note that I will always refer to growth rates in constant currency where applicable. Here, we'll focus primarily on 2025 full year performance. Annualized recurring revenue increased 12.7% to EUR 3.448 billion. As Austin mentioned, ARR growth benefited by around two percentage points from our acquisition in Mexico. ARR is our primary revenue metric, reflecting the long-duration nature of our customer portfolio. As you will have noted, we have adjusted our definition of ARR. This now uses twelve-month trailing ARPU instead of quarterly annualized ARPU. It has no effect on our reported 12.7% growth in 2025. Our objective here is to smooth the ARR growth, given we take our price increase in the first quarter, and we believe this gives us a higher quality metric. This has been set out on page 33 in our results presentation. Moving to total revenue in the year was EUR 3.745 billion, representing 10.3% year-over-year growth. Adjusted EBITDA in 2025 was EUR 1.7 billion, up 11.2% year-over-year. Worth noting that Q4 EBITDA was impacted by higher installation volumes as well as a lower capitalization. Our adjusted EBIT for the twelve months of 2025 was EUR 953 million, up 15.5% year-over-year. Our margins increased 141 basis points to 25.4%, driven by good broad-based growth and disciplined cost management. Taking a slightly longer view, over the past three years, we've increased EBIT margins by 500 basis points. Geographically, margin growth was broad-based, with positive margin progression in all three segments. In Iberia and Nordics, our longest-established cluster, margins increased again to 41%. Let's turn to slide seven, where I'll unpack our key operating metrics. Austin covered installation performance, with new installations up 5.9% year-over-year in Q4 to 224,000. We were pleased with this growth, particularly given that we were lapping a strong prior year performance, which included the launch of LockGuard in France and Italy. Cost per acquisition increased 6.5% in the year, largely driven by media price inflation, as discussed. In October, we began our rebrand program in Portugal, adding approximately EUR 30 to Q4 CPA. To partly mitigate increased media costs through 2025, we made progress in hardware and services procurement and in installation efficiency. Now, CPA will ebb and flow quarter to quarter, but the key point is that we are very comfortable at these levels of investment, given the significant lifetime value of customers joining the portfolio. As we've discussed before, we think about CPA and customer acquisition overall in the context of the acquisition multiple. In 2025, we were stable at around 3.7x. New customers generate a 20% IRR, measured over a 15-year timeframe. We continue to prioritize capital allocation towards organic growth, investing EUR 1.3 billion in 2025, which delivers predictable long-term value creation. Let's turn to slide eight for a closer look at portfolio performance. First, we were pleased with ARPU at EUR 46.50 in the fourth quarter. This represented year-over-year growth of 2.5%, and continues our long-term track record of increasing ARPU. This growth is supported by innovation-backed price increases, increased upsell, and continued avoidance of a front book-back book dynamic. A key part of our focus on quality intake is ensuring that new customers join at the same ARPU as the portfolio, an important and differentiating part of our model. Looking forward, our 2026 price increases were notified to customers in December, with customer response so far in line with expectations. Recurring monthly costs were slightly higher in Q4 due to the impact of Mexico integration. We will aim to neutralize this impact as we implement our operating model and experience. On a full year basis, RMC was 1.6% lower year-over-year, at EUR 12.20. We continue to enhance our digital-first programs, first-time resolution capability, and AI tools in our contact centers to bring down costs, while always aiming to add quality to the customer experience. Austin will expand on this later in the presentation. As a result, our key measure of portfolio profitability, EBITDA per customer, was up 3.3% in the quarter to EUR 34.10 per customer per month, and we increased portfolio margins by 108 basis points year-over-year. This is a key engine of our profitability and cash flow generation. Turning next to a few pages on cash flow. The company is moving through an important inflection point. As a reminder, our financial model targets consistent top-line growth, as well as delivering increased profitability and cash flow generation. Starting with a laydown of cash conversion in 2025, from the left side of the page. Once we add back customer acquisition, EBITDA, D&A, CapEx, and movement in working capital, we generated EUR 1.9 billion of operating cash flow before customer acquisition. From this, we chose to reinvest just over EUR 1.3 billion into customer acquisition to replace attrition and also grow the portfolio while maintaining excellent unit economics. Excluding changes in working capital, cash conversion increased to 69%, continuing the positive multi-year trend and reinforcing the high quality and predictability of our cash flow profile. Once we include paid taxes, separately disclosed items, and paid interest, we generated a net cash outflow for the year of EUR 54 million. Note that this excludes net IPO proceeds and associated refinancing on our Mexico M&A. As Austin noted, the company was free cash positive in the fourth quarter, reflecting the progress made in strengthening our cash generation profile. Let's move to slide 10. Next, I wanted to quickly summarize the key building blocks of our cash flow generation roadmap and update you on progress. Starting with financing costs, we are well on track to land within our target range of 4%-4.5% weighted average cost of debt in 2026. As we move through our next refinancing in the coming months, we expect to deliver savings at the upper end of the range, previously guided of EUR 200 million-EUR 220 million, based on 2026 versus 2024 net interest costs. On operating cash, we delivered against our working capital commitments. We guided positive working capital in the second half of 2025, and we delivered with a EUR 67 million inflow in the second half. This reflects our usual seasonal reductions in inventory levels, together with good progress across payables and receivables. Next, capital inefficiency continues to improve. Our portfolio reinvestment rate declined from 60.8% to 59.6%. Put simply, this means that the cash generated from our portfolio is growing faster than the cash deployed to acquire new customers. This acquisition and acquisition intensity is particularly pronounced in more scaled markets, and we see this trend continuing in future. Lastly, CapEx intensity reduced from 27% to 26.2% year-over-year. We are tracking well towards medium-term guidance of around 25% capital intensity. Let's turn next to slide 11 on deleveraging. We made further progress reducing leverage in the fourth quarter. We were at 3 times pro forma for IPO, paying down around EUR 2.7 billion of debt. At the end of December, leverage has reduced further to 2.9 times due to continued earnings growth against a stable net debt balance. The group benefits from a well-diversified debt complex. Our debt maturity profile is well staggered, and our debt structure approximately 65% fixed. This offers us the balance sheet flexibility to support continued growth investment. This progress has been recognized externally. Moody's and S&P both upgraded Verisure 3 notches to Ba1 and BB+, respectively, reflecting improved credit quality, stronger cash flow visibility, and a more balanced financial profile. Moving next to slide 12, I wanted to take the opportunity to recap our approach to cost capitalization. On the left of the page, we set out the components within our CPA. We capitalize around 35% of gross CPA costs. This capitalization rate has reduced from 41% in 2021. The costs capitalized are customer hardware and variable sales commissions. We make a deliberate business model choice to retain ownership of hardware in our customers' homes. Retaining ownership of hardware is common in subscription businesses. It allows us to provide maintenance and firmware upgrades at no additional cost to the customer and to ensure we are enhancing resilience and cybersecurity. We operate a closed system which is owned by the company. This choice to retain ownership leads us to capitalize the cost of the alarm equipment. We also capitalize variable sales commissions paid to our sales teams. These are 100% variable commissions and do not include commissions paid in order to reach a monthly minimum wage level. These are variable costs incurred to obtain a contract and must be capitalized under IFRS 15 guidelines. On the right, I wanted to remind you of the useful economic life periods we apply. These take a conservative approach, particularly in the context of our 15-year average customer lifetime. For customer hardware, we depreciate over 8-9 years, which includes writing off assets when customers cancel. For variable commissions, we adopt a 10-12-year amortization time frame, again, well below our 15-year average customer life. Let's now turn to 2026 outlook on slide 13. In 2026, we expect ARR growth at around 10%, supported by continued broad-based growth. We expect adjusted EBIT margins above 26% as another year of quality growth is augmented by effective execution on cost. As discussed, we expect to be free cash flow positive in 2026 as structural improvements in reinvestment rates, working capital, and financing costs continue to flow through. We expect to initiate an interim dividend in the second half of 2026. This is expected to be based on a payout ratio of between 30% and 40% of H1 2026 adjusted net income. This will represent a key milestone for Verisure and will mark the next phase in the financial evolution of the company, combining continued growth and margin expansion with a progressive and sustainable shareholder returns profile. We reaffirm medium-term guidance and remain highly confident in our targets. Around 10% annual ARR growth, revenue growth tracking up to 100 basis points below ARR growth, and progressive adjusted EBIT margin expansion towards 30% over the long term. This is our clear financial model, and outlook and medium-term guidance are in line with our commitments at IPO. Strong and consistent top-line growth, expanding profitability, and increasing free cash flow support accelerating returns to shareholders. I will now hand back to Austin. Well, thank you, Colin. Let's turn to slide 15 and get into the strategy review. Now, hopefully, for many of you, you'll recognize this slide, you know, from previous calls and also from the meetings that we had together, you know, during the IPO. It summarizes our Verisure tried and tested playbook. You know, I'm now in my 12th year as CEO, and this is basically how we have been driving the company forward for those years. It's our key to unlocking growth. First, I'm gonna start on innovation, which remains our most differentiating strategy. You know, our proprietary tech stack delivers a superior proposition with innovative products, and it supports premium pricing. 2025 saw the full launch of LockGuard and the introduction of GuardVision, our new AI-backed outdoor camera detector. Actually, it's the strong innovation program that gives us such confidence also for 2026 and beyond. Now, in 2025, we invested well over EUR 300 million, around 8% of sales, in category-creating marketing to drive demand and to ensure that we remain top of mind, number one for customers as a trusted brand, as the security destination. Now, our 12,000 security experts in the field, our go-to-market muscle, are a huge competitive advantage. That ensures that we deliver a fast response, able to offer customers a booking within 24 hours, and it's that speedy execution that contributes strongly to our conversion and sales productivity. Customer experience is also super important. Our first-class customer service, supported by AI, data, and analytics, that's one of the factors that keeps our attrition low and ensures that we are ready to protect our customers when they need us most. In Q4, we supported our customers in over 104,000 incidents that required intervention by police, fire, ambulance, or a guard, delivering when it really matters most. You know, our model about deter, detect, verify, and intervene. Verification, it's a key edge that we have, again, based on data and analytics, but that enables us to provide the intervention service, and we know that that's the part of the outcome-related business that we have that customers value most. Now, as always, this is underpinned by our excellent culture and talent. Verisure is recognized as an outstanding employer. You know, we are either Great Place to Work or Top Employer or both in all of the 18 countries in which we operate. We just achieved an all-time high sustainable engagement in our annual employee survey, reflecting a highly engaged team of over 30,000 colleagues. Now let's move to slide 16 and remind ourselves of the long, uninterrupted track record of double-digit growth in recurring revenue. In 2025, we reported over EUR 3.4 billion of recurring revenues. Now we grow because our customers choose to stay with us month after month, year after year, and as they stay with us, we continue to innovate, to add pricing, and importantly, to maintain very close control over the cost to serve. We remain the clear category leader. We're approximately five times larger than our closest competitor, and we continue to capture around two-thirds of the net category growth, as we have done for the past decade. We still operate in very under-penetrated markets. We develop, and we deploy a differentiated customer proposition. You know, that's enabled by our vertically integrated technology model, and we've demonstrated, time and again, resilience to significant macro events over three decades. On slide 17, we look at the scale of the future opportunity. Even in our most established markets, Iberia and Nordics, penetration remains low. Of the total addressable market of 56 million homes and small businesses, we estimate only 10% penetration and 29% of what we call the serviceable addressable market or the SAM. The SAM is an important concept for us because it captures significant reductions that we make around housing typology and customer affordability. Other Europe represents a very significant growth opportunity for us. You know, this contains some of Europe's largest economies, and the segment size is larger than the entire U.S. market, and with low penetration at only 4% of the TAM or 9% of the SAM. If you look over the past 2 years, this Other Europe segment delivered 50% of our total portfolio growth. The opportunity here is very material. For example, to illustrate, by reaching the penetration levels that we already see in Iberia and the Nordics, that would add well over 15 million additional customers into the category. Given that we take 2/3 of the category growth, the opportunity for Verisure, particularly, is significant. Now, that 4% penetration across our footprint, that compares to 23% penetration in the U.S. market. Let me repeat, as we said at the time of the IPO, we see no structural reason why our footprint cannot reach U.S. levels of penetration. Turning to costs on slide 18. This slide demonstrates clearly our decade-long cost management track record. You know, we have an always-on approach to cost management, and we've reduced recurring monthly costs by around 1% per year on average over the past decade. Well, in 2025, we delivered EUR 80 million in cost savings, and in 2026, we'll go again, because cost discipline is deeply embedded in our operating culture, and it's a core enabler of our growth model. Now, we are relaunching our cost program in 2026, putting AI at the center, because we see significant opportunities to further reduce cost to serve through AI deployment at scale, while continuing to enhance the customer experience. We're very excited about the progress that can be made here. Now, talking more about AI, on slide 19, we wanted to set out a number of AI opportunities, and most are either already launched or about to scale. Owning end-to-end technology, that's again, a business model advantage here. We have over 85 million devices providing real-time data from over 6 million customers from front end to back end. You know, we've access to broad data that can be brought together from audio visual data to usage profiles, to customer data, you know, such as contact propensity. Now, that puts us in a very strong position. You know, with a relative market share of 5x and with the best training data set for algorithms, you know, we think that our competitive advantage here on the core of detection, verification, and intervention increases over time. Now, we've got specialist engineers, our three technology hubs in Geneva, Malmö, and Madrid, and they're working with AI tools to ensure that we are at the forefront of innovation here. I mean, remember, we have 1,700 members of our technology team in the company, so we are very well set with innovation and to make the best of these possibilities. If I take verification and the accuracy of verification, computer vision AI, embedded in cameras and detectors, has already reduced alarm triggers by just under 30%. Actually, by 28%. Well, that's very important. It enables us, you know, to verify incidents more accurately and quicker, and obviously it lowers the operational workload. Now, AI-backed knowledge tools are already shortening call handling times, and we're improving our diagnostic-based solutions for maintenance issues so that we can actually solve problems for customers over the air without having to send a maintenance engineer. Now, results here are very, very encouraging. You know, another topic, you know, coming from this, for example, was an 11% reduction in the number of guard call-outs that we had to execute in Q4 2025, because of how we got better at false positive elimination. Now, our speech analytics-based sentiment engine analysis, which is very interesting, is now analyzing more than 250,000 customer conversations every month, and we will go further. Sentiment analysis is a very important tool because it allows you to enable earlier, but also more broadly, any signs of invisible defection, which means that we can get in there, and we can solve the customer's problem, we can turn around the customer sentiment, and, you know, that obviously has a positive effect on our ability to manage attrition. AI at scale, it complements the hands-on human approach of our skilled rapid responders, our agents, our security experts, in terms of what they provide to our customers. Already present, already contributing, but it still remains a further significant opportunity for us across our operating model. Let's go to slide 20. I want to talk about our three priorities for 2026. I mean, the first is deliver another year of high-quality growth, and that includes continue to deliver on installation growth and pricing, innovating on products and services, and also integrating our Mexico acquisition, where we plan to restart the growth engine. The second, it's to renew momentum in cost efficiency with a deep focus on AI-based opportunities, but with no compromise on the customer experience. And third, as Colin noted, we are entering a new phase focused on sustainable and progressive returns. We've strengthened our cash generation profile, making progress in the fourth quarter. As Colin mentioned, Verisure is evolving rapidly into a more balanced financial model, where we combine sustained growth with expanding margins and cash returns. And finally, in summary, we're very pleased with our 2025 performance, but more importantly, we look ahead to 2026 with very strong confidence because of the penetration opportunity, because of our business model, because of our quality execution, and because of the strength of the innovation program that we have. Now, our 2026 outlook, it's consistent with the medium-term guidance that we set out last summer. ARR growth of around 10%, adjusted EBIT margins above 26%, and a key year as we become free cash flow positive. We also stand fully behind our medium-term guidance. Now, with that, I will hand back to the operator, and Colin and I look forward to taking your questions. Thank you. As a reminder, if you wish to participate in the question-and-answer session, please dial into the telephone conference and press pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. We will take a short pause as we wait for the first question. As a reminder, it is pound key five to join the queue. Thank you. The next question comes from Annelies Vermeulen from Morgan Stanley. Please go ahead. Good morning, Austin. Good morning, Colin. Thank you for the presentation. I have three questions, please. First, you sound fairly confident on positive free cash flow for 2026 and beyond. Could you perhaps talk about what underpins that later in the year, and how that opens up opportunity for additional shareholder returns beyond the dividend you expect to do later this year? Second, I just wanted to touch on the change to the calculation of ARR that you've disclosed today. Could you just unpack a little bit exactly what you've changed and why, and what in particular has prompted you to change it now? And then thirdly, on the acquisition in Mexico, could you walk through the impacts this has had on attrition, RMC, ARPU, et cetera, in Q4, at the group level, and what you're doing to bring these metrics closer to group averages? Thank you. Okay. Thanks, Annelies. Good morning. Let me start with your first one in terms of free cash. And I think, look, you know, we've got, we've got good confidence here. The company is performing exactly in line with where we said we'd be, and we are now moving through our cash inflection point. Over the past 12 months, we've set out, on a number of occasions, the pathway to becoming free cash positive. We've talked about working capital normalization, and we were pleased to see, you know, delivering a positive working capital in the second half of 2025. Our portfolio reinvestment rate is reducing as we scale, and that's important as we are investing a lower proportion of portfolio cash into customer acquisition. And then, of course, the finance charges and interest rates are tracking, as I noted earlier on, towards EUR 220 million per year reduction, which is at the top end of guidance at the IPO. And these three elements, I think, have been consistent on that pathway towards free cash flow positive. We're also providing further assurance today as we share our 2026 outlook, in that we're expecting to pay an interim dividend in 2026 and also deliver a free cash positive year. I think, you know, this symbolizes very clearly our moving into a new phase of progressive sustainable returns alongside growth and margin expansion. I think to your, to your final, the final part of the question, I think it, beyond, as we've talked before, you know, we see scope for significant acceleration in cash flow generation and significantly increasing returns into the future. Let me go next to the question on Mexico, and then I'll come back to ARR. So look, on, on Mexico, it's important to note right at the top that we are pleased with what we've found so far. Mexico is a high-quality, profitable asset. It secures scale in that market from the off and gives us immediately a number one position. The portfolio size is exactly as we'd expected, 125,000 customers that we've now added into our portfolio. In terms of metrics, it's a mix. So we see positive impacts on ARR, as we noted earlier on, around 2 percentage points. Adjusted EBIT is immediately accretive, so we added around 2 percentage points to our Q4 EBIT growth rate due to Mexico, and our ARPU in Mexico is slightly above the group average. It's more at European levels of ARPU. On the flip side, we've got some temporary mix headwinds. Attrition basically is in line with LATAM levels, and it gives us a headwind of around 5-10 basis points. Mexico also has slightly higher RMC, and we think that that is around EUR 0.15 at a group level. I would look on that as an opportunity. As we begin to deploy our operating model and our playbook, you know, we wanna quickly work towards bringing down those Mexico RMC levels. The other element financially that's important is that CPA upfront revenues are lower in Mexico. This has historically been a high ARPU, low upfront market, and that impacts our CPA upfront. So, you know, we're confident that implementing our operating model will reduce these temporary mix impacts over time. But as I say, you know, we're generally happy with the asset and the acquisition price, and we really do look forward to restarting growth in the country. As a reminder, as we've said many times, we, we are highly, highly selective on M&A, and no one should read into this any kind of change in strategy. We're primarily an organic growth company. If I just pick up the change to the ARR definition, as I've talked about in the script, you know, we, we have basically adjusted the definition here from end-of-period portfolio multiplied by in-quarter ARPU annualized, and we've changed that to end-of-period portfolio multiplied by trailing twelve-month ARPU. We've basically done that because that smooths out the metric. We thinks, w e think it gives a more reflective, higher quality view on our ARR. It means that there is no difference in any given quarter between, between the quarterly number and the year-to-date number. I think importantly, as I noted, you know, there is absolutely no change in the definition and the 12.7% growth rate by moving from one to the other. And just as a reminder, we have put a page explaining this and unpacking it in our results presentation. So we see this as innocuous and something that will end up giving us a higher quality on our metric going forward. Very clear. Thank you. Thanks. The next question comes from Joachim Gunell from DNB Markets. Please go ahead. Thank you. Can you please provide some color on the geographic performance here when it comes to which markets are tracking ahead of your internal expectations, and conversely, if you are seeing performance fall short of plan in any of your particular regions? Sure. Well, why don't I start with that, and then, and then I'm sure Austin will add. I mean, I think, you know, Other Europe remains, you know, our, our, our largest growth opportunity. Other Europe, in terms of its size and scale, is three times the size of Iberia and Nordics, and, and penetration of the TAM is still very low, at only around 4%. So Other Europe delivered 50% of the company's growth over the course of 2025, and that's the same contribution that it made in 2024. As a reminder, you know, this includes Europe's four largest economies. So we have U.K., we have Italy, we have Germany, and we have France. And as I say, you know, we look forward to further growth in that region, and we're seeing really good performance there. Just to add some color on Spain, you know, Spain delivered the highest ever installs in its history in 2025. So we absolutely see, you know, no abatement in Spain's growth, and it goes frankly from strength to strength. And then LATAM, of course, which remains around 9% of the group's revenue, that'll increase slightly as we add Mexico, so maybe adds two points to that contribution. But we're seeing good growth in LATAM nonetheless. We do, however, remain, as we've said before, very, very selective and very choiceful about the quality of customers that we add from Latin America. Yeah, well said. I would just add on Q4, one of the things that pleased me, and in fact, I gathered the team together this week, with our headquarters, to personally thank them for Q4 because of how broad-based the demand generation and the progress it was across the company, in Q4, and, you know, actually, particularly in our major markets that really moved the needle. I mean, that's one of the reasons you get to that very, very strong 5.9% installation growth in the quarter. Great. And, so on the attrition and cancellation side, it looks as if we have this, slight uptick in the quarterly, attrition analyzed, right? This should be, of course, boosted by ADT, I would assume. So just help us here, because on a headline basis, it looks like your absolute number of cancellations, accelerate. They grow 12% a year. They used to grow higher single digits. So, how much of this I mean, can you just disclose, what's the performance of, say, Verisure excluding ADT Mexico in this figure? Yeah, I mean, let me pick that one up. As I said earlier on, on a previous question, you know, we have Mexico contributing between 5-10 basis points to the quarterly churn in Q4. I think if we step back from that and we look at the year, we're at 7.4%. That's down 3 basis points, so broadly flat on a year-over-year basis. But importantly, it stays and it remains in what we believe to be a world-class attrition corridor and something that really does differentiate us as a business. It then, in turn, gives us our 15-year average customer lifetime, which is such an important part of our growth model and also our ability to generate cash in the future. I'll also add that, you know, we're not, we're not satisfied with that level, actually, right? I mean, it's well within our corridor, but we've got plenty of ideas coming, you know, we're gonna work on. I might give you some examples. I mentioned sentiment analysis already in my presentation, right? We're screening 250,000, you know, customer calls every month. You know, we ask customers for a Net Promoter Score, but, you know, sometimes a customer who's dissatisfied gives you a neutral score because they don't want to get the operator, for example, you know, negative feedback. Well, you get a more accurate screening of sentiment, you know, using AI in that way, and we can actually go back and, maybe use the word rehabilitate the customer. We think over time, this has got the potential, actually, to reduce attrition because you end up with less distraction. Colin has mentioned in previous calls, you know, using deep analytics to identify warning signs. You know, if a customer is coming onto the website multiple times per month to check the bill, you know, that's a warning sign. You know, that's an indicator, that, you know, maybe the customer's questioning, you know, the outlay. You know, we're also looking at things like changing alarm usage. I mean, somebody who used to use the alarm every day and who starts to use it less frequently, why? Well, we also know that that's a warning sign for attrition. Well, in that situation, you can actually step in and, you know, you can talk to the customer, and, you know, you can, you know, explain to them about night mode and the scheduling features, and you can try to promote more usage. I mean, we actually know that higher usage lowers attrition. I mean, full stop. I mean, it's one of the key levers. I've also talked in previous calls that we still have an opportunity on things like home moves. I mean, home moves, you know, are, you know, one of the main attrition reasons. Well, you know, we shouldn't lose customers who move home. I mean, in an ideal world, you know, we would do a much better job in some cases of, you know, managing that customer, you know, interaction. We've also talked in previous calls about the role of LockGuard. You know, we've demonstrated in the market that actually it's an attrition-reducing initiative because people are interacting with the front door many times, you know, per day. So, I mean, attrition, you know, broadly flat, but, you know, a real focus area for us, you know, to figure out ways in which, like over time, you know, we do better. But again, to repeat what Colin says, it's even at that 7.4% level, we think it's our best-in-class metric. Perfect. And just finally, just coming back to that, that earlier question, since there's a lot of debate with regards to cash flow trajectory, can you just say anything with regards to how you think about the gradual improvement quarter over quarter throughout 2026, or, or if we should expect more of a H2 heavy improvement? I mean, I think in terms of cash flow, I think it's a great point, and cash by quarter will be a bit lumpy, and it's primarily driven by two things. I think firstly, you know, the interest that we pay on some of our debt instruments, the coupon, tend to kind of be paid more focused on Q1 and Q3. So that's one point to bear in mind. The second point is that, as we have done over the last number of years, we tend to build inventory in the first half of the year, and we tend to then consume inventory in the second half of the year. That's exactly what we saw, for example, when we looked at the fourth quarter performance, where I think it was around EUR 44 million of a working capital support from inventory reduction. But that is seasonality, and that is what we should expect to see as well going forward. Perfect. Thank you. The next question comes from Suhasini Varanasi from Goldman Sachs. Please go ahead. Hi, good morning. Thank you for taking my questions. Just a couple from me, please. You've given EBIT, adjusted EBIT margin guidance of above 21-26%, but that does leave quite a lot of leeway. Could be 26.1, 26.5, 26.9. So perhaps could you maybe share some color on this and whether you expect margins to expand every quarter in 2026? The second question is just a minor one on the reclassification of D&A. I think there was EUR 16.8 million reclassification that moved between, I think, core D&A and SDIs. Just want to understand what that was, please. And how should we think about EBITDA margin and D&A as a percentage of sales for 2026? Thank you. Let me start with the EBIT, Suhasini. I mean, look, we're guiding to above 26%, as you know. I mean, the first thing that I'd say is that, generally speaking, you know, we're happy with, you know, consensus estimates on EBIT. We have always said that, you know, the EBIT growth, I talked earlier in my update, around 500 basis points of margin development over the past three years. We've talked many times about the fact that 2026 was gonna see, you know, still progressive growth, but growth at a lower level in margin for the year. That's driven primarily by the investment that we're making in our rebrand in Spain, Portugal, and in Sweden, where we're moving to Verisure from Securitas Direct. So, you know, we as I say, we still expect to make positive margin development in the year, but not at the same levels as we have done over the past couple of years. Just picking up the point on EBITDA, I mean, one of the things that I mentioned earlier as well, is the fact that EBITDA in the fourth quarter, we did install more customers than I think the market had expected. We grew our installs by 5.9%. The vast majority of that cost recall goes straight to the income statement. So that is. That's the impact of exceeding top-line growth and bringing that down slightly. And finally, on capitalization, we are capitalizing less of our acquisition cost in 2025. We're at around 35% capitalized, and that has come down quarter-on-quarter by around a point. So I just wanted to basically share those points with you. Thank you. The next question comes from Andy Grobler from BNP Paribas. Please go ahead. Hi, good morning. Just three from me as well, if I may, please. First one, revenue per new customer was down in the quarter. Could you just talk through the moving parts there? Second, and related, customer acquisition costs are also going up. I know, you know, one is part of the other, but could you talk about, again, the drivers of that and your expectations through 2026? And then lastly, just on AI, which is such a massive focus at the moment, you talked about the opportunities internally. Can you talk about what you're seeing from a competitive standpoint from AI? That would be really helpful. Thank you. Andy, it's Colin. Let me. Thank you. Let me pick up your first question, which is around revenue per new customer in terms of our CPA. Firstly, look, it's important to note that we're very comfortable with upfront revenue at these levels. In terms of, you know, early life survival analysis on the portfolio remains very solid. You know, we track that as we've talked consistently, regularly, using our acquisition cohort curves by country. Portfolio remains rock solid and highly stable. I think as we step back, you know, it's important to note that we do manage CPA on an overall basis. You know, we don't obsess over individual components. We really focus on the acquisition multiple, which is 3.7x and within our target corridor. But let me take you through the moving parts in Q4 on upfront revenues. Firstly, you know, we had a change in mix on housing typology. Installations were 30% apartments in the fourth quarter, and that sits against a portfolio of 24%, so a higher mix of apartments, and in part, that's driven by the success of our LockGuard product. Now, these are smaller installations with lower upfronts by definition. What we do as a business is we always focus on maintaining our ARPU in line with the portfolio. Country mix, we have a wide range of CPA upfronts, ranging from around 200-300 EUR in some markets, to over 1,000 EUR in others. So country mix also plays into that, that blended CPA upfront. We had an impact from Argentine peso devaluation. I think we talked about this last time. That impacted around EUR 10 at group level. As I noted earlier on when I was talking about Mexico, you know, Mexico is established as a low upfront, high ARPU market. Therefore, by definition, bringing Mexico in also gives us a small headwind that we need to overcome in terms of CPA upfront. I think strategically it’s important as well because we talk a lot about quality intake, and you know, we focus on a number of things, which I’ll talk about in order of priority, you know, and guaranteeing customer quality intake. First is the entry ARPU is in line with the portfolio. There’s no kind of telco-like front book-back book dynamic and very little RPU discounting. That’s super important for portfolio stability. Secondly, we credit score all new customers to vouch their affordability characteristics, and we also focus deeply on early life behaviors and usage, as Austin talked about. And then lastly, of course, we receive an upfront payment, which should always be meaningful, as an upfront commitment from the customer. But we are not, as I say, obsessive over exactly what that amount is, and we will always take a premium against the competition. So that's CPA upfront. If I just broaden that out a little and talk about CPA overall. CPA, as you can see from the release, was up 7.2%, year-over-year. And there's a number of things that I would put that down to. Higher marketing investment was around three percentage points of that growth. We are seeing like-for-like media price inflation over 10% per annum, and we don't see that coming back anytime soon. The lower upfront revenue point generates around 1.5% of overall CPA growth. Then the final point I talked about earlier was the launch of our rebrand program in Portugal in October, which added around EUR 30 to our Q4 CPA. I mean, generally speaking, that's the laydown. I would just add, you know, that CPA, generally, there's a bit of ebb and flow, quarter-on-quarter, in that number, but really, it's all about acquisition multiple, which is flat and stable year-over-year. You know, this is a level of investment in new customers that the company is very, very happy with. Maybe I take the AI topic, Andy, so it's very, obviously very important. I think, first of all, if I think about, you know, position versus competition, which you're going to, we actually think that we're building advantage here, right? And of course, as I mentioned in my remarks before, I mean, the first advantage is coming from the fact that this is a proprietary system that we own front end, back end, soup to nuts. I mean, it's not a collection of equipment and software that's been just bought from a range of vendors. Second advantage is obviously just scale, right? We're five times bigger than the number two competitor. So, you know, the quality and the quantity of the training data that we've got is significantly bigger, and, you know, that over time, it turns into, you know, more accurate algorithms that allow us, as I mentioned earlier, you know, to be more accurate in our response, right? And therefore, to provide the customer, you know, with a better experience. But it's also a significant, you know, source of efficiency. I mean, I mentioned, you know, earlier, you know, 28% improvement already on false positives, significant reduction in the number of guards like that we're having to send out, and that's a real, you know, cost opportunity. I think the other, you know, topic to go to is, you know, in technology itself, as I mentioned, we've got 1,700, like, you know, teammates in the technology organization. Right. Well, you know, the coding and development that's happening in these, you know, technical centers is already getting significantly helped by the AI tools that are out there, and we see this actually as a way of not only improving the quality of our innovation, but also the speed of the throughput, right? And, you know, we're, I think, very well set because we're vertically integrated with our own technology team. We're actually well set to take more advantage, you know, from that. I mean, we're actually expecting AI, like, over time, you know, to help us sell more because we'll do our job better, you know, to help bring down attrition, right, through the sentiment topic that we talked about, you know, to innovate quicker, as I mentioned before. And then it's obviously significant cost opportunity on some of the more low touch, you know, replicable pieces of work inside the company, as Colin mentioned. Like, we're gonna have another go at our cost program in 2026, but with AI at the center of it. I mean, we already delivered EUR 80 million of savings in 2025. But I always, when I talk about this, I always make sure people understand, we don't just think of AI as a cost topic, right? We actually think it's about a competitive advantage topic right across our activity system. And in fact, I mean, we had the opportunity to talk to some of the media this morning before the earnings call, and I made a very, very strong point that we expect to be a big beneficiary of AI. Thanks. Can I, can I just ask Colin one quick, follow-up? You talked about, the early life cycle of your cohorts is, is good. Just, just when you look through those cohorts over time, you lose, on average, I know, about 70% of your customers over 50 years, and implicitly, you have some customers for 20, 30+ years to get that average up to, to 15. Just, just can you confirm if that's right, and, and also just talk through how that varies by region. Is it, you know, much higher in Spain, lower in UK or whatever? That would be really helpful. Yeah, sure, Andy, of course. And yeah, you're absolutely right on your, your point around the, the theory of, of that curves and those curves and the, the, the implied customer lifetime. I think the one thing that I would say to you, unsurprisingly, in terms of geographics, is that there is a close correlation with attrition rate. And, you know, I think we've, we've said before on, on calls that we do see a, a spread of attrition outcomes across the group's geographic segments. It wouldn't surprise anyone to know that LATAM is slightly higher than average. And we see in the Nordics, for example, a slightly lower than average attrition rate. So we see a spread there. We do analyze and assess this, you know, over a 20-year period across all of our markets. We see a difference between business and residential as well. So business, due to business closure, of course, has a slightly higher than average attrition rate and residential, slightly lower. So we're looking at this in so many ways, and again, if we stand back from this, the reason that we do that is that we don't wanna wait five years to learn that we've either, you know, added higher quality installs or lower quality installs in a period five years ago. So we wanna get right on it and be able to observe that within the first six-12 months. Okay. Thank you very much. The next question comes from James Rowland Clark from Barclays. Please go ahead. Hi there. Two questions, please. My first is just on accounting policies. Obviously, there's been a lot of discussion in the market about your accounting approach with regard to depreciation, amortization of PP&E, and also customer relationships. I wonder if you could really provide some color and shed any light on how your policies have changed historically, could they change in the future and whether they're sort of appropriate today? Because I think that's where the main debate is. And then, while you're at it, I wondered if you could just comment on the rationale for the H&F CEO stepping off the board and how that ties into H&F's exit plans that you set out in IPO. My second question is on the customer acquisition trends that you're seeing at the moment. So you've mentioned there's higher CPA due to lower upfront fees, which is, you know, partly to do with a mix of new customers. You're expensing more, and you've also got higher marketing costs. Should we think of that as the shape for the foreseeable future? Because that would appear, on the face of it, to slightly reduce your CapEx requirements from sort of less hardware in the mix as you grow more in apartments, but put a bit more pressure on the EBITDA line from that higher proportion being expensed and I guess also purely more marketing spend than we have in our numbers. So I just wondered if you could provide some color on how the P&L sort of or and the balance sheet actually shapes up with this sort of existing mix and trend that you're seeing today. Thank you. Okay. Thanks, James. Let me take the accounting question first, and then Austin can come to H&F, and I'll come back on the CPA point. So look, we touched on this in the presentation, but let me summarize the business model choices that we make that in turn inform our accounting, 'cause I think that's really important context. And it goes without saying, right, but all of our accounting is fully in line with IFRS guidelines. Our business model includes the following key themes: firstly, we make a decision to own the hardware in customers' homes. We choose to do that because it lets us take responsibility for maintenance, upgrading firmware, driving usage, and ensuring that we've got appropriate cyber and privacy protections. In short, we ensure that the hardware is as good as it can be, because it's how we support customers and drive engagement over their average 15-year lifetime with us. We like to have control, and if any hardware breaks or needs repaired, it's immediately expensed as RMC to the income statement. The second kind of key business model theme is that we recognize upfront revenue from customers at point of installation, and we do that for a couple of reasons. We install new customers on the day, typically the same visit as where we make the sale. That rapid installation service works for customers, and it works for the company. It's way more efficient. We take a meaningful payment upfront from the customer that underscores their commitment, and the vast majority of revenue recognized in the income statement is received as cash. We don't capitalize the installation cost; that's expensed. So what we're doing here is we're basically matching upfront revenue and install cost in the income statement based on that acquisition model. And then the last point I'd make, picking up on variable sales commissions that are capitalized and obviously paid in return for obtaining a new customer contract. With our people, we've got a compensation model that incentivizes our sales teams. We prefer that model to be variable in nature. It drives productivity and performance and is the right way we've found for us to reward our people. We capitalize only the variable commissions above minimum wage levels in countries, and that's a really important element of our model. So we firmly believe that these are the right choices from a business perspective first, and then the accounting follows from that. If we then think about useful economic lifetimes and how those assets are then taken to the income statement over time, you know, we talked about this earlier, so I won't go into it in detail, but we're happy that our UALs are conservative. 8-9 years for hardware and 10-12 years for variable commissions, and both of those are significantly shorter than our average 15-year customer lifetime. The final point that I would make here is around the capitalization rate, but I'll come back to that when I address your second question, and perhaps Austin can pick up the point on H&F. Yeah, I'll take up you know the Patrick Healy point. I mean, thanks for asking, 'cause I've had that question from a few people, obviously, over the week. I mean, you should certainly read nothing into this. Actually, and I'll explain why. You know, this was a long-planned move that Patrick would basically stand down and give up one of the Hellman & Friedman board seats to allow us to bring an independent board member onto the board more quickly. We actually added Cecilia Beck-Friis, an excellent Swedish executive, you know, to the board. Because obviously, the long-term goal is to build an independent board that represents all shareholders. I mean, that's the governance, obviously, that everyone expects and that we are truly committed to. We also announced Samantha Keeney joining the board in a few months. By the time of the AGM at the end of April, we will actually have five board members, fully independent from management and from the company's major shareholders, and we think that's a very good objective. Actually, by adding Cecilia to the board, we were also adding, again, another Swedish board member. You know, given that we're listed in Stockholm and we have significant number of Swedish investors. So we actually viewed Patrick stepping down from the board as a really positive contribution, you know, to the independence of the board, and I'm very happy with that. By the way, I do want to thank Patrick for his service. He was an amazing board member, right? He was on our board for 12 years. He was always arguing for the highest possible standards for customer centricity. Was a very, very strong supporter of the focus that we have on culture and talent. So, you know, I really appreciate his service and his contributions. Now, in terms of what does that mean for Hellman & Friedman? I mean, people should remember that we still have three board seats, and we still have the chairmanship of the company under Stefan Götz, you know, partner at Hellman & Friedman. I mean, there is, they're as deeply involved and focused on the business as they've ever been. Let me just talk about capitalization rates, James, just to finish off. As I said earlier, we've gone from 41% in 2021 to 35% in 2025, in terms of the CPA, acquisition costs that we capitalize. I do expect that to continue to reduce slightly, over the coming years. What's happening here is that we're making good savings on material costs, and as you rightly say, you know, there's a slight reduction as well in the kit size, and we're investing a bit more in marketing and media, and that's basically the backdrop to that move. We're taking more of that cost immediately to the income statement expensed. I do think that CapEx and D&A, as a consequence, the growth on those will also slow, and I expect those to grow at less than revenue growth going forward. Thank you very much. That's very helpful. Thank you. The next question comes from Jane Sparrow from JP Morgan. Please go ahead. Morning. Just two questions, please. The first one was just on the changes to consumer legislation in Spain recently. I wonder if you could perhaps talk about how you think that might or might not impact your business there, in particular, perhaps around renewal practices, but anything else you might think relevant, too. Then the second one was just a follow-up on the D&A questions that you've had. In the fourth quarter, D&A, including retirement of assets, was lower year-over-year, and in the first nine months, it was up year-over-year. I know you've talked about the lower capitalization of costs, but were there any one-offs in there as well to be aware of, that impacted that year-over-year comparison in Q4, please? Well, why don't I pick up the D&A point, Jane, to make sure that we cover that quickly? I think the short answer is yes. I mean, we had a write-off of assets of EUR 4 million in the fourth quarter of 2024. So hence the reason that our year-over-year comps are impacted by that, and we look like we're broadly flat in terms of Q4 2025. You've already picked up on the point of lower capitalization, of course, which impacts that D&A as well. We're also adapting, you know, the European markets in particular, 2G, 3G sunset dates are elongating, and because we are accelerating our 2G, 3G hardware that's installed in the base, you know, that gives us a slight tailwind in the D&A number, but not material. Yeah, thank you. Well, Jane, thanks very much. Let me take the questions on, on consumer law, because obviously, you know, we follow this extremely closely. So, well, first of all, the one-word answer to the Spanish question is no impact, right? But I maybe think you maybe expected a bit more detail than that. To put this in context, you know, we, we've got a long track record of adapting to consumer regulation. I mean, consumer regulation changes, right? And we've actually got a strong team, group wide and market by market, to make sure that we adapt to that consumer regulation properly. But we've been able to do it without any notable impact, like, on our growth. You know, we've got active regulatory engagement at the EU level and at the country level. We've done that for many years, and that's really to try and reduce execution risk, you know, to try and make sure that if regulation comes in, that it's well thought through and drafted. Now, if I take the Spain example you talked about. I mean, there's a new law, it's effective at the end of 2026, but again, we don't expect any notable impact on anything like revenue, attrition, or growth. I mean, what the law asks companies to do is to notify customers of a renewal of a contract, right? Well, our customers can already cancel with 30 days notice post the initial contract period, so this is just not really relevant for us. I'll also mention France, because there's been some commentary about, for example, cold calling and so on, being regulated. We've actually got no reliance on cold calling in our model, right? I mean, we're a bookings-based model. We always say our marketing is booking-based, it's marketing-led, it's counseled, and the customer's, you know, invested, you know, in that, in that decision. I mean, basically, the fact that we are into opt-in around lead generation, I mean, consumers giving us consents, you know, that limits the regulatory impact on us. I'll also point out, actually, that we've had similar rules already in other markets in Latin America, and we've addressed it, you know, successfully. So, you know, if I maybe take another step back, in general, what's going on is regulators are trying to protect customers, and that's good. What they're thinking about is auto renewal of contracts, which can include large pricing step-ups as discounts unwind. Well, you know, that's not our model, right? Our new customers, as Colin has pointed out many times, you know, are coming in at the same pricing as the portfolio because we absolutely don't want the corrosion of front book, back book, and we certainly don't want customers coming in thinking, you know, that they, that, that they're paying one price and then getting shocked later that they discover that they're paying a different one. We wouldn't have the 15-year customer lifetime and the high levels of customer satisfaction, like, if we treated customers like that. Again, we're not, we're not relying on customers kind of forgetting, like, that they're paying for Verisure or what they paid, because we've got a very high engagement model with our customers. I mean, maintenance visits, right? That's very important, right? To make sure that the system is working perfectly, but it's also a big upselling opportunity. You know, we regard that high touch as actually part of the value creation. So quite, I would say, quite relaxed on this topic, and thanks for clarifying it. Very clear. Thank you. Thank you for your questions. I will now hand over to CEO Austin Lally for closing remarks. Well, thank you very much. I mean, thanks all of you for joining us today, for the great questions that allowed us actually to clarify some matters that people have been asking about. That's, that's really helpful. Thanks for your continued interest and support. As I mentioned at the outset, we actually really looked forward to sharing these results today. You know, we're very happy with 2025, and particularly with the momentum towards the end of the year. The confidence in 2026, because of our innovation, because of our execution, I mean, hopefully the confidence in 2026 comes through today on the call, not only because of the guidance that we're confirming, but also because of, I think of the tone that we're striking, you know, today, in the conversation with you. Now, we remain the category leader. So reminder, we're number one in 14 of our 18 markets. We've got the number one brand, you know, we got the best technology, and we've got a long runway in a highly underpenetrated category. You know, we continue to deliver a unique and differentiated customer proposition. We try and bring together best-in-class technology and service, but we combine it with human intervention. Actually, that combination of technology and the human touch, we think that's part of our competitive advantage. Now, with recurring revenues, expanding margins, and a disciplined balance sheet, we're actually confident in our trajectory. As we look ahead, we believe that the strategy, the industry-leading innovations, and the disciplined execution that we bring to the market positions us well for the future. So thank you again for joining us today, and we look forward to continuing the conversation with you in the coming weeks.